Sugar prices moved upward further by Rs 20-25 a quintal on Vashi market on improved demand from stockists at lower level. Naka and mill tender rates edged up by Rs 20. Sentiment in physical market was slightly firm tracking a bounce- back in futures prices. A wholesaler said in Vashi market new business remained subdued – thin in spot due to Ramzan festival. Prices extended gains on increased fresh buying at lower level. Sugar prices, after registering a rise of Rs 250 in first week this month, suddenly dropped by Rs 300 in next two weeks on increased selling pressure of producers.
In Vashi market, arrivals were 55-56 truck loads (each of 100 bags of quintal each) and local dispatches were about 52-53 truck loads.
Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,526-3,612 (Rs 3,516-3,632) and M-grade Rs 3,622- 3,731 (Rs 3,595- 3,721). Naka delivery rates: S-grade Rs 3,480 -3,520 (Rs 3,480-3,500) and M-grade Rs 3,580-3,630 (Rs 3,520-3,630).